Ann: Funds Under Management - December 2022, page-4

MSCI World Index down 4.2% for Dec 2022.

The worm is turning for PTM and their stable of investment funds.

Long/short and ex US tilt is paying dividends for PIF investors over the last 6 months with well above index returns.

No one knows if this outperformance is ongoing or not, but if it is, the active v passive debate will begin to be a very expensive play for index holders.

As a relatively recent buyer of PAI in the 70s sell off, cannot have hoped for a better short term return in a downward trending market.

The predictability of high conviction investment managers does not make them always right, but makes their strategies very predictable for those who agree with them.

My style is also very predictable. Additional buying of PTM over the last 4 to 6 weeks has helped reduce the bridge between average investment cost and current value to 13%.

I expect my mid $2.20s break even may be struck in 2023 providing a long awaited opportunity to start a profitable exit as l hold way more than l ever intended to. It has been a long and capital intensive fight to get here.

l have already posted that l am expecting 2022/23 H1 result to disappoint fairy significantly and hoping to commence selling above $2 with a view to top up on the pull back back in $1.70s.

Either way, a successful outcome to a hopelessly expensive entry point is finally looking possible.

I expect tonight's announcement should be received well by the market. We will soon see.

GLTASH,